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NEW YORK, May 19, 2022 /PRNewswire/ — The global private and public cloud market in the financial services industry is segmented into service (software-as-a-service, infrastructure-as-a-service, and platform-as-a-service) and geography (North America, EuropeAPAC, South Americaand MEA).
The market size is expected to grow by USD 61.47bn from 2020 to 2025. However, the growth momentum of the market will decelerate at a CAGR of 18.34%, according to Technavio. The growth of the market will be driven by factors such as the growing demand for virtually unlimited storage and big data, but data security and privacy may challenge the market growth.
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The global private and public cloud market in the financial services industry covers the following areas:
Global Private And Public Cloud Market In The Financial Services Industry Sizing
Global Private And Public Cloud Market In The Financial Services Industry Forecast
Global Private And Public Cloud Market In The Financial Services Industry Analysis
Regional Analysis
APAC will account for 37% of the market’s growth during the forecast period. The growing demand for virtually unlimited storage and big data will drive the growth of the global private and public cloud market in the financial services industry in APAC during the forecast period. Market growth in this region will be faster than the growth of the market in regions. China and Japan are the key countries for the global private and public cloud market in the financial services industry in APAC. Data breaches can cost financial firms valuable clients as well as credibility and years of hard work.
Driver and Challenge
The growing demand for virtually unlimited storage and big data is driving the growth of the global private and public cloud market in the financial services industry. Financial services are built on large IT infrastructures that process high volumes of data daily. The advent of advanced technologies such as big data and analytics have enabled organizations to transform unstructured and semi-structured data into structured and meaningful data. Cloud computing provides a solution for maintaining and analyzing big data by offering several storage options based on business requirements. Most financial service firms are opting for AWS cloud to store their backup data in a cost -effective manner.
Data security and privacy are major challenges for the growth of the global private and public cloud market in the financial services industry. It is necessary for financial service institutions to have stringent data security standards when compared with other industries. The success or failure of financial services firms depends on the effective use of confidential customer information while maintaining privacy. Hence, a balance is needed between data sharing flexibility and data privacy. However, uncertainties over data security and stringent data-related regulations make it difficult for organizations to maintain this balance.
Companies Mentioned
- Amazon Web Services Inc.
- Alphabet Inc.
- CSC
- Eze Castle Integration Inc.
- Fujitsu Ltd.
- International Business Machines Corp.
- Jack Henry and Associates Inc.
- Microsoft Corp.
- Oracle Corp.
- Rackspace Technology Inc.
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Full story available on Benzinga.com
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